Sometimes Good is Good Enough
Last Friday, the employment numbers for July were released. They weren't spectacular, but they were solid. Payrolls increased by 215,000 for the month, which kept the unemployment rate steady at 5.3%. Wage rates showed some life, up 0.2%. The increase lifts the average hourly wage to just below $25.
Since the job market began to recover in earnest in late 2013, we've been saying that as long as new payrolls come in at 200,000-or-better each month, the housing market would remain in good shape. That's been the case. Since early 2014, new monthly payrolls have regularly posted greater than 200,000. Not surprisingly, home sales and new-home construction have improved with sustained job growth. Home priceshave also kept pace, which has been something of a surprise. We thought by this time, the rate of price appreciation would have slowed significantly.
As you might expect, we remain bullish on housing. Thanks to continued low mortgage rates and solid monthly job growth, more home buyers will enter the market. As things stand, we see no reason not to expect strong home sales and rising origination activity into at least early 2016.
Information provided by Jessica Regan.
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When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.
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